Mayur Resources elevates Lime project in central with massive funding support

The Central Lime Project has received a huge boost with a massive funding injection of $155m US dollars [SEZ about K540 millon] from Mayur Resources.

Prime Minister and Treasurer James Marape when welcoming this lucrative backing said the funds would be used to complete the project in Kido, Central Province.

Mayur revealed to the Australian Stock Exchange (ASX) that it has secured the funding to complete Papua New Guinea’s first downstream manufacturing processing hub, with the potential to create hundreds of new jobs and be a major displacer of PNG’s imported lime products.

"I am happy to hear that Mayur Resources has secured the K540 million funding to complete the Central Lime Project, and that the project has the potential to create hundreds of new jobs, support service businesses, electricity, roads, education and health facilities for landowners,” Prime Minister Marape said.

"It promises to be a transformative development for Central Province landowners and the broader manufacturing sector.

"I thank Appian Capital Advisory LLP for a total of approximately US$115 million debt financing to Mayur Resources and Vision Blue Resources’ equity investment into the project of US$40 million announced in November 2023, which will see the Central Lime Project fully funded.

"Central Lime Project is one of the first approved Special Economic Zones (SEZs) which are a focus of my government.”

The funding will be used to cover construction costs to achieve an annual production capacity of 400,000 tones, along with an allocation for expected further expansion.

Marape said the first quicklime production is expected to begin after 18 months.